Nigeria’s stock market trading remained heavily concentrated among a small group of brokers in the first eight months of 2026, with the top 10 stockbrokers accounting for 54.37% of total trading value on the Nigerian Exchange.
The 10 brokers executed transactions worth ₦7.29 trillion between January 1 and August 31, according to the latest Nigerian Exchange broker performance report.
CardinalStone Securities Limited led the market by both value and volume, highlighting its strong position in Nigeria’s equity brokerage market.
CardinalStone handled ₦1.77 trillion worth of transactions during the period, representing 13.22% of total NGX trading value. It also recorded 33.85 billion shares, equivalent to 10.69% of total market volume.
Cordros, First Securities and Stanbic follow
Three other brokers each crossed the ₦1 trillion mark in trading value. Cordros Securities ranked second with ₦1.07 trillion, giving it a 7.99% share of market value.
First Securities Brokers followed with ₦1.02 trillion, while Stanbic IBTC Stockbrokers recorded almost the same amount at ₦1.023 trillion. Their respective market shares were 7.63% and 7.62%.
The remaining members of the top 10 were EFG Hermes Nigeria, Meristem Stockbrokers, United Capital Securities, Lambeth Capital, CSL Stockbrokers and Coronation Securities.
| Rank | Broker | Trading Value | Market Share |
| 1 | CardinalStone Securities | ₦1.77tn | 13.22% |
| 2 | Cordros Securities | ₦1.07tn | 7.99% |
| 3 | First Securities Brokers | ₦1.02tn | 7.63% |
| 4 | Stanbic IBTC Stockbrokers | ₦1.02tn | 7.62% |
| 5 | EFG Hermes Nigeria | ₦601.26bn | 4.48% |
| 6 | Meristem Stockbrokers | ₦581.18bn | 4.33% |
| 7 | United Capital Securities | ₦362.07bn | 2.70% |
| 8 | Lambeth Capital | ₦304.26bn | 2.27% |
| 9 | CSL Stockbrokers | ₦301.29bn | 2.25% |
| 10 | Coronation Securities | ₦252.63bn | 1.88% |
Ranking by Volume
Meristem Stockbrokers ranked second by volume, with 19.11 billion shares, while PAC Securities ranked third with 15.97 billion shares.
CSL Stockbrokers came fourth with 13.57 billion shares, followed by First Securities Brokers with 12.47 billion.
This distinction matters because high share volume does not necessarily translate into an equally high value of transactions.
PACS, for example, ranked third by volume but did not appear among the top 10 brokers by trading value. Conversely, Cordros ranked second by value but seventh by volume.
What the numbers show
The top 10 brokers accounted for 145.70 billion shares, or 46.03% of total NGX volume, during the period.
But their combined share of trading value was higher, at 54.37%.
That means the leading brokers captured a larger proportion of the market in naira value than in the number of shares traded.
For the NGX, the figures provide a useful snapshot of where a significant portion of market activity is concentrated. For investors and market participants, the rankings also show that market influence can look very different depending on whether it is measured by shares traded or naira value.
More Information
Total Year-to-date (YtD) equities turnover value on the Nigerian Exchange Limited (NGX) reached ₦6.62 trillion at the close of August 2026, up from ₦5.98 trillion at the end of July.
Aggregate yearly share volume figures fluctuate dynamically across weekly sessions (for instance, individual weekly volumes frequently range between 2.5 billion and 4.4 billion shares), led heavily by the Financial Services Industry, which accounts for over 75% to 80% of total volume.
Total listed equities capitalization closed the first week of September 2026 at approximately ₦159.558 trillion.
NGX All-Share Index (ASI) settled at 246,992.44 points, reflecting a robust 58.7% year-to-date return
